...- Minnetonka, Minn.¡based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. has announced its intention to increase the borrowing base on its revolving credit facility and issue $150 million in convertible preferred stock. - The company plans to use the proceeds to pay off the existing reserve-based lending (RBL) facility and exchange a portion of its 8.5% secured second-lien notes due 2023 for cash and preferred stock. - S&P Global Ratings is affirming the 'B-' issuer credit rating on the company and revising the outlook to stable from positive. - We are also affirming the 'B+' issue-level rating on the company's 8.5% secured second-lien notes due 2023. - The outlook revision reflects our expectation that we are unlikely to raise our ratings on Northern over the next twelve months based on our view of its limited scale, acquisition strategy and limited access to capital markets....
